Brazil keeps rates steady, sees no room for cuts yet

July 20, 2016 9:30 PM

20
0

BRASILIA Brazil's central bank kept interest rates on hold for the eighth straight time on Wednesday as expected, in the first decision of a new board that believes its is too soon to cut rates despite a crippling recession.

The bank's nine-member board voted unanimously to leave its benchmark Selic rate BRCBMP=ECI at 14.25 percent, a nearly 10-year high. The rate has remained unchanged for a year.